I have a question about the tax rate. The highest 2024 Federal Income Tax Brackets and Rates is 37% and for California state is 13%. Now I have a stock transaction shows a short term gain of $5000. After I entered this transaction - proceed, cost basis and gain of $5000 (calculated by TT). My federal due increased by $2000 and state due increased by $700. These reflect 40% of federal and 14% of state tax. Did I miss anything?
